Saturday, 09 August 2008

Class Action

When I finally got back home after my extended stint at work there was a cheque awaiting me, all of $307 worth. Never look a gift horse in the mouth they say, but this was the proceeds from my joining the class action against the administrators of the Sons of Gwalia collapse. It's taken a small eternity and numerous court hearings but finally it's pay day - although it's not exactly compensating me for the original $4,358 outlay - another crap investment.

The last paragraph of the letter from IMF Australia, the legal team which drove the class action, states, 'Each of you is a little piece of history in as much as this is the first time in any common law country, that shareholders have been treated as creditors and have been able to recover some of their lost funds in common with all other creditors of the company in question.'